Get Out OF Debt Fast

Get Out Of Debt Fast, But Don't Run

From Money Talks News 

Generally the process of realizing you have money troubles goes like this:
I don’t have a financial problem.
Money feels like it’s getting a little tight.
OMG, I’m in big trouble. I need to find a solution now! The sky is falling. Help. Help. Help.

Financial problems slowly creep up on you, masked by denial, until they smack you in the face and you panic. You want to run.

For the rest of this interesting article from Money Talks News click on the blue link below.

MONEY TALKS NEWS

How to Save $500.00 This Year

 

Everyone is talking about saving money.  Most of the people are saying that they just cannot seem to save any money.  You just might be surprised at how easy it is to save money.  With my simply plan you can start saving this week.  Get yourself an envelope a put ten dollars in it.  Next week do the same thing.  If you continue to do this each week then at the end of the year you will have $500.00.  If you are asking how can I get the $10.00, that answer is easy also.  How much do you spend each week on say a soda or candy bar?  Start putting that money away each week instead of purchasing the snack food.  Now what can you do with an extra $500.00 each year?  Well that choice is up to you and as they say, the sky is the limit.  Start saving this week and make plans for next year with that extra money. 

Get The Best Deal On A Used Car

If you are like me and have had the same automobile for several years then you may be feeling that it is time to replace your vehicle with a newer model.  Many of us cannot purchase a new car and buying a used car may be a bit overwhelming.  We want the most dependable used car on the market that fits in our budget.  None of us wants a lemon so what do we do now? 

The best choice in my mind is to consult the Consumer Report and J.D. Power and Associates U. S. Vehicle studies on used vehicles.  Both of these reports will help us, the buyer, to determine what vehicles age better than others do, and which vehicles have a longer term of reliability. 

Consumer Reports and J. D. Power and Associates bases their reliability ratings on surveys gathered from owners of the vehicles.  These sources asked questions about not only mechanical problems but also any other problems experienced during the first 12-month of ownership.    

With these reports, we have a better chance of getting a great used car and of leaving the lemons on the lot. 

Like always do your research and move slowly.  Know what type of vehicle you are looking for and what your budget is before you ever hit the car lots.  Remember that if you do your research before you go shopping for a car, like any other purchase, then you will be happier with your purchase longer.

Are you struggling to pay your bills?

From time to time, we have all just been down on our luck.  If it hasn't happened to you then you're truly fortunate.  Most of us have had a loss of job or had major medical problem that left us searching for answers on how to regain control of our financial lives or even just how to feed our families. 

If you are in this spot, please don't feel ashamed.  I have been there myself, many of us have.  There is help out there for you in the form of many different agencies.  These agencies are set up to help you to meet your financial needs.  If you qualify, these agencies can help with your utility bills, medical bills and many other needs.  I know that asking for help can be embarrassing but remember that many of us have been where you are now.  Swallow your embarrassment and make some phone calls.  I would suggest that you check with your local community action agency for ideas on where to start.  It is ALWAYS worth the try. There is nothing wrong with getting temporary help to get back on your feet.  You could even go online and type in something like "government help with utilities".  The help is there, so start making those calls and sleep better tonight. 

Can a budget really work?

How do I create a budget?  Can a budget really help me get control of my finances?  Is a budget hard to use?  Wow! There are so many questions about a budget.  I really feel that there are all these questions simply because most people don't talk about a budget and therefore it is an unknown concept.  Let me clear some of the budget mystery up for you.    

How do I create a budget? Creating a budget is much easier than many people might think.  Just follow these steps.

1.  Write down all of your money coming into the home.  You can do this either on a spreadsheet or on good old fashion paper.  It doesn't matter how it is recorded as long as you record it.

2.  Record all of your money going out of the household.  These items are things such as your bills.

3.  For one month record every things else that you are spending your money on.  I mean everything including the money spent on the snacks at work.

4.  Now look back over the list of things that you spent your money on.  Look for spending habits that you can stop today. 

Did you see anywhere that the money is being wasted?  We can all find small places that we waste money.  Even the small waste will add up.

5.  Now is the time to start making the budget.  Write down every dime that you have to spend and where you plan to spend it.  If the money is spent on paper before you actually send it for real then you're not as likely to waste the money because you will see where it is going beforehand. 

Making a budget is that simple.  Each person will have different things that they can cut out of the waste and add to their save list.  Take a good look with an open mind at where you are spending your money and be very honest with yourself, if you do this then it will not be long and you will get control of your financial situation. 

So yes, a budget can and does work.  It is all about you being totally honest with yourself and being determined to make a change in your financial life.

How to control impulse shopping.

I cannot tell you how many times I have been in a store and found something that "I just had to have".  I bought this item and took it home with great joy and excitement.  After being home for a while, I looked at this item and realized that I didn't really "have to have it" and / or just really could not afford it.  If you are anything like me, then you know that this happens more often than any of us want to admit.  Ok, let's be honest for a moment.  Sometimes shopping just makes us feel good for a while.  I know a woman that has bought so many things over the years just for the thrill of owning it for a while.  Later she returns the items for a number of reasons.  This is not a good habit to get ourselves into.  Therefore, how do we get ourselves to purchase what we really "have to have" and not to make a purchase out of impulse?

If we don't want to get home and know that this was a bad purchase choice and end up either returning it or knowing that we should return it then we need to make a change.  This is what I do in these cases.

#1.  Always shop from a list.  There isn't as much of a chance to purchase an item if it isn't on the list.  So, stick to the list.

#2.  Only take enough money to purchase what is on the list.  It is so much easier if you only take money for what you went to the store to purchase.

#3.  Pay with cash.  I have found that when I purchase an item with cash then my mind feels the sting of the purchase much more than it does with a credit card.  Using credit cards for me is like borrowing from someone else and hoping that you will not have to repay it.  You do have to repay it, and this part can really add up in charges.

#4.  Give yourself time to think about your purchases.  On big items, I like to wait a day or so and if I still want it and it fits in my budget then I can go back and make the purchase with glee not guilt. 

Ok, this is how I save myself from making an impulsive purchase.  What tips do you have to control your impulse shopping?

Are you looking for a job with benefits?

I have been thinking a lot lately about our economy, as we all know jobs are very hard to get and jobs with benefits are even harder to find.  Maybe the key word there is benefits.  When we normally think of jobs with benefits, we think of insurance, retirement and so on.  There are many other types of benefits that we need to start thinking about.  These other benefits can also help our families in times like these.  If you are looking for a job, be that part time or full time employment, what about thinking of one that can help you with your shopping needs other than just the obvious paycheck?  Have you ever thought of working for a grocery store or department store?  These jobs not only provide you with a paycheck but also with a discount on the items that they offer.  Now the paycheck may not be much more than minimum wage but after you add in the employee discount benefit for your purchases it will feel like you are making much more.  In short there are many different types of employee benefits and how we see them can make a big difference in where we look for a job.  Next time you are thinking of finding a part or full time job think of what the word benefit means to you.

Paying For An Item Out-Right

PAYING FOR AN ITEM OUT-RIGHT

Let’s talk about saving for an item.  Say you see a television that your family just has to have, or whatever the big item on your home want list is at the time.  If you are like most of us, it can vary with the time of year and your mood for shopping. Either way you have a few choices here.

1.  You could buy it on credit and pay interest to the credit card company.  This will end up having you pay around two times the amount of the television's original purchase price when you are finished.  Now you have paid more and are in debt again, not a good idea.  Always try to avoid this choice.

2.  I suggest you shop around for the best price on the television.  Check your favorite department store and their website.  The prices are not always the same.

3.  After you have found the television you like for a price you can handle, then how do you get the money?  Say the television is $500.00 after sales tax.  Divide that by, let’s say, five months.
You start putting away $100.00 a month in an envelope or savings account until you have all the money put away.  Then you get the television.  This way you have paid only the price of the television with no interest added.  You can get the television without an ounce of guilt.  That's always a good feeling.

I've done this and when it came time to get the item, I've got lucky and found the same item on sale.  Now that's my kind of savings!

Many people use the rent-to-own places.  I have found that you again pay twice as much or more for an item as you would have if you bought it out-right.  This is a great deal for them, but not such a great deal for you.

Grow Your Own Food

Growing your own garden is a healthy way to feed your family and save money.  You can plant your garden in the ground or in containers.  I like the containers better because I feel that it is an easier way to control the water and food that each plant receives but in the end, it is up to you to pick your own favorite way of growing. 

Instead of running up your water bill to water your garden, make a rain barrel.  You can make a rain barrel from most any clean bucket or barrel that is safe to use.  The ideas are unlimited.  Just make sure that you put a lid with a screen on it to keep out the bugs and protect against small children falling in.  Put the rain barrel under a gutter downspout and watch it fill up with water the next time you get rain.

To control mosquitoes from making a home in your new rain barrel just add a few of drops of cooking oil.  If you wish, you can always purchase a mosquito ring for a few dollars and drop one in each month, either way works nicely to control the little pest.

Fix My Credit Score

Your credit score indicates your creditworthiness to potential banks, property owners, and even to some potential employers.  With this in mind then, we want to keep the score as high as possible. If you have already damaged your credit score then it is time to get those numbers back up.  I have a few ideas that can help you to do this.

 

1.  There are three major credit agencies, (Experian, TransUnion, and Equifax) that will give you a free credit report each year.  These agencies don't give you the actual score but do however, give you a good report of what has been recorded to your name.  I would recommend using them as a start.  You may want to use one of them every few months so that you can keep a close check on your credit report all year long. 

2.  Review your credit report very closely for any errors.  If an error shows up you need to contact both the reporting agency and the creditor that reported the error.  This is another good reason to keep all of your receipts of payment to any credit or loan agency.  You will need to show proof of the error to have it corrected on your report.  Never send anyone your original documents.  A copy will work nicely and you will not have to worry about the original getting lost. 

3.  Pay off your credit balance or at least get them paid down.  Big balances on a credit card is a good way to give you a bad credit rating. 

4.  Paying your bills late is a very good way of having a bad credit score.  For this reason, I recommend that you pay the credit card or loan bill as soon as it comes in to insure that you don't forget to get it paid.  If for whatever reason this idea doesn't work for you then you may want to set a day of the week to pay your bills. Set the day and stick to it.  You can even set an alarm on your cell phone to remind you to pay the bills.  Whatever works best for you as long as you find a way to get them paid on or before the due date. 

5.  If you have a credit card don’t close the account.  Closing a credit card account can actually lower your credit score.  It is best to get it paid off and either not use it or to make small purchases and pay them off at the end of the month.  This is a good way to improve the score as long as you can stay in your budget and pay it off each month.  Never max out your account.  You will not be able to get it paid off at the end of the month so that will only hurt the score and your budget. 

6.  If you need more help with getting your credit score raised, you could contact your local bank or credit union for more helpful hints. 

The general rule of thumb here is to pay your bills on or before time and not to charge more on a credit card than can be paid off each month.  These tips are a sure way to bring up the credit score and to lower your stress about your bills.

What about credit card debt?

Credit cards are a big problem for many people.  I would say not to own a credit card but I know that many of you do have them and feel that they work for you.  The reason why I would not recommend them is that many people use them for purchases that they don't have the money to pay for at the time.  That's a fast way to get into more debt than you can imagine.  Trust me, I have seen this happen far too many times. I would recommend that you do not use your credit cards until you have your financial situation under control.  If you must use a credit card then please only use it on emergencies.  Sorry, but wanting a fun night out on the town does not qualify as an emergency.

Step #1.  Again, if you must use a credit card, keep a close record of every purchase.  Write it down in your bank register as if it were something for which you wrote a check.  Just mark it as a credit card purchase where you would have written the check number.  When the credit card bill comes in you will already have the amount deducted from your checking account and then it will be easy to cover the bill.

 Step #2.  Be sure to reconcile your credit card statement with your checkbook, write a check for the payment, and pay it in full each month on or before the due date.  If you're only paying the minimum payment due each month you're only helping the credit card companies get richer.  It really isn't helping you at all.  I would recommend that you always pay off the balance each and every month, this way you will be helping your credit score and not helping the credit card company get richer off the interest that they will charge you.  Remember that every time you're late on a credit card bill the credit card company makes a note of it on your credit report.  This can end up destroying your credit rating and causing you to pay a higher interest than those with a good credit rating.

Step #3.  Always remember to make the purchases stay within your budget.  You can even check your balance each week and pay it then, to help keep your spending in check.  I recommend this way if you feel that you have to have a credit card. 

Step #4.  Again, I do not recommend credit cards but if you must use them, do your research.  Try to avoid credit cards that charge an annual fee.  Many credit card companies pay you back in the form of refund checks or reward points.  Do the research and get the card that works best for you and your budget. 

Step #5.  Always remember to pay it off each month.  If you already have a credit card with a balance that is more than you can afford to pay off each month, then call the credit card company and talk with them about your bill.  Always remember to be very polite when you are dealing with creditors.  In many cases, credit card companies will work with you to lower your payment amount and / or your interest rate.  The credit card company wants their money as much if not more than you want to pay off their bill.  In most cases, they will work with you.  If they will not work with you, remember to remain polite with them.  You never want to make a bad relationship with a bill collector.  There are also credit counselors that may be able to help you with your credit card situation if the credit card company cannot. I would also recommend that you take all of your credit cards out of your wallet and put them in a safe place to insure that you don't have them handy to purchase things that can't be paid off at the end of the month.